Indicate whether the following statements are "True" or "False" regarding tax planning opportunities and parent$-$subsidiary liquidations.

a$.$ Whether $332$ applies depends on the $80$ percent stock ownership test. A parent corporation may be able to avoid $332$ by reducing its stock ownership in the subsidiary below this percentage to allow for recognition of a loss.

b$.$ A $338$ election may be a viable option only when the subsidiary possesses loss and$/$or credit carryovers that can be used to offset the associated tax.

c$.$ If a timely $338$ election is made, the subsidiary's basis in its assets is stepped down to reflect, in part, the parent's basis in the subsidiary stock.